Negros solar firm takeover by AC Energy cleared by PCC

MANILA, Philippines — AC Energy Philippines Inc. has secured the nod of the Philippine Competition Commission (PCC) to take control of a solar power plant in Negros Occidental.

In a disclosure to the Philippine Stock Exchange yesterday, AC Energy Philippines said it received the PCC’s decision, clearing its acquisition of Philippine Investment Alliance for Infrastructure (PINAI) investors’ stake in San Carlos Solar Energy Inc. (Sacasol).

In its decision, the PCC said the transaction would “not likely result in substantial lessening of competition.”

Late last year, AC Energy Philippines signed a share purchase agreement with PINAI to acquire the latter’s 6,996 common B shares and 36,246 redeemable B shares in Sacasol.

The shares are equivalent to 70 percent of the total outstanding capital stock of Sacasol.

PINAI is a fund composed of Macquarie Infrastructure Holdings (Philippines) Pte. Limited, Langoer Investments Holding B.V. and the Government Service Insurance System (GSIS).

Sacasol owns and operates a 45-megawatt (MW) solar farm located in Negros Occidental, which is operating under the feed-in-tariff (FIT) regime of the Renewable Energy Act.

The PCC approval is one of the requisites to close the transaction.

The parties have agreed a transaction amount of P2.77 billion to be paid in cash.

AC Energy Philippines said the deal would enable it to be a major player in the renewable energy.

By 2025, AC Energy Philippines plans to put up 2,000 MW of RE capacity.